Third buy in a month for First Derivatives

Specialist technology firm First Derivatives has acquired Canadian company Affinity Systems, for a maximum consideration of Can$14.5m (€10.6m).

If paid in full, the deal will bring the Newry-based firm’s spend on acquisitions inside the past month alone to over €30m. The Affinity deal follows up First Derivatives buying Dublin-based software provider ActivateClients for nearly €5m, and paying a maximum consideration of $20m for US firm Prelytix in February.

Affinity is an Ontario-based provider of software development and consultancy services and has recently released a software solution that addresses enterprise big data challenges. Its takeover expands First Derivatives —the Newry firm offers tailored software solutions to the likes of hedge fund administrators and investment banks — suite of services within the Internet of Things space, with particular focus on sectors like healthcare, utilities and finance.

“We see this as an exciting opportunity for the company to grow its revenues and diversify its customer base,” said FD’s chief executive, Brian Conlon.

“We view this acquisition as a very positive deal for the group,” added Gavin Kelleher of Goodbody Stockbrokers. “Given the scalable nature of the kdb+ platform [one of the world’s most powerful databases], we’re pleased to see the group continue to enter new verticals and expand the reach of its technological assets. FD has made positive strides in the capital markets area, but this should accelerate its strategy of deploying its expertise in big data management across other verticals,” he added.